80-park-plaza-newark-nj

CBRE Negotiates $174.5M Sale of 973,000 SF Office Complex in Newark, New Jersey

by Amy Works

NEWARK, N.J. — CBRE has brokered the sale of 80 Park Plaza, a 973,000-square-foot office park located in Newark. Columbia Property Trust sold the complex to a joint venture between New York-based Nightingale Properties and Simon Glick, a private real estate investor, for $174.5 million. The complex features a 26-story office tower and a three-story plaza building. Serving as the headquarters for Public Service Enterprise Group (PSEG) since 1979, the property is currently 85 percent net leased to PSEG, with 14 years remaining on the lease term. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Dudley Ryan of CBRE represented the seller and procured the buyer in the transaction.

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